Clinical trials are an indispensable part of the drug development process. However, the cost of carrying out clinical trials has significantly hiked in recent years. Therefore, clinical trial imaging is considered to be an effective alternative measure to lower the cost of drug trials, thereby reducing the timeline of clinical trials.
The increasing pharmaceutical and biotechnology companies along with the extensive research and development operations to develop innovative drugs in order to treat the diseases effectively are the major factors driving the growth of the global clinical trials imaging market. The growing advancements in technology are likely to bring substantial improvements in the submission, evaluation, and collection of clinical trial imaging data. However, technology-based imaging, specifically image analysis offers several benefits to clinical studies like implant adaptability, data accuracy, and consistency. The emergence of virtual imaging trials during the outbreak of Covid-19 is likely to open many lucrative growth opportunities and several new avenues in the market globally. However, the development and innovation of a high-end computational model assists in better assessment of clinical trial and radiography images which have proven to be very effective in the early stage diagnosis of Covid-19.
The global clinical trials imaging market can be segmented into end-user, application, service, and regional.
By end-user, the market can be segmented into contract research organization, academic & government, research institutes, medical devices manufacturers, biotechnology & pharmaceutical companies, and others.
By application, the market can be segmented into cardiovascular diseases, diabetics, CKD, NASH, and others.
By service, the market can be segmented into project & data management, system & technology support services, operational imaging services, reading & analytical services, clinical trial design & consultation services, and others.
North America accounts for the largest share in the global clinical trials imaging market due to the presence of several outsourcing companies in the region. Moreover, the significant rise in the research and development activities in the region is likely to escalate the growth of the regional market in the forthcoming years. However, several factors like the geriatric population and the growing prevalence of chronic disease will further promote the growth of the regional market.
Some of the significant players in the global clinical trials imaging market are WorldCare Clinical, LLC, BioTelemetric, Inc., Radiant Sage, LLC, PAREXEL International Corporation, IXICO, PLC, Intrinsic Imaging, LLC, ICON Public Limited Company, Cardiovascular Imaging Technologies, Biomedical Systems, and BioClinica, Inc. To cite, BioClinica launched the SMART technology suite which is highly compatible with medical imaging, Electronic Data Capture (EDC), and Interactive Response Technology (IRT) to report, investigate, manage, submit, and transfer medical images compliant with global needs.